Ranked choice voting gives you the power to rank candidates from your favorite to your least favorite. On Election Night, all the ballots are counted for voters’ first choices. If one candidate receives an outright majority, he or she wins. If no candidate receives a majority, the candidate with the fewest first choices is eliminated and voters who liked that candidate the best have their ballots instantly counted for their second choice. This process repeats and last-place candidates lose until one candidate reaches a majority and wins. Your vote counts for your second choice only if your first choice has been eliminated.
Here is a one minute explanation from the City of Kingston: